Coffee prices today, December 31, 2024: Slightly increased again.
Today, December 31st, domestic coffee prices are at 120,500 - 121,200 VND/kg, a slight increase of 200 VND/kg compared to yesterday. Unseasonal rains continue to affect coffee harvesting and processing.
Domestic coffee prices today
Specifically, the price of coffee in Dak Lak today increased by 200 VND/kg, reaching 121,000 VND/kg.
Coffee prices in Lam Dong also increased by 200 VND/kg today, reaching 120,500 VND/kg.
Similarly, today's coffee price in Gia Lai increased by 200 VND/kg, reaching 121,000 VND/kg.
Today's coffee prices in Dak Nong reached their highest level, increasing by 200 VND/kg to 121,200 VND/kg.
Unseasonal rains are causing difficulties for coffee harvesting and processing in Vietnam. Approximately 20-30% of the crop remains unharvested, and the quality of the coffee beans is at serious risk.
According to the Vietnam Coffee and Cocoa Association (Vicofa), in the first 11 months of 2024, Vietnam exported more than 1.19 million tons of coffee, earning $4.93 billion. Although the export volume decreased by 15.4%, the value increased by 35.5% compared to the same period in 2023.
During the same period, Vietnam imported 141,283 tons of coffee worth $575.2 million, an increase of 44.7% in volume and 108.8% in value compared to last year. Notably, in November alone, imports reached 15,494 tons, an increase of 115% in volume and 217.4% in value.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for March 2025 delivery fell by $18/ton to $4,935/ton, and for May 2025 delivery fell by $17/ton to $4,865/ton.
Arabica coffee prices for March 2025 delivery fell by 2.55 cents/lb to 320.10 cents/lb, while prices for May 2025 delivery fell by 1.85 cents/lb to 315.75 cents/lb.
The New York coffee futures market is under pressure due to the weakening Brazilian Real. This encourages Brazilian producers to increase exports to reap higher profits.
Certified arabica coffee inventories on the ICE exchange are nearing one million bags, a significant recovery from record lows in November 2023. This is a negative factor for the market.
According to the latest report, non-commercial speculators reduced their net long positions by 2.78%, to 38,156 lots in the week ending December 17.
Trading volume is typically low during the final days of the year. Investors are anticipating market trends in 2024 following this year's strong rally.
The market is paying attention to the coffee harvest in Vietnam and awaiting the first estimates of Brazil's upcoming harvest, expected to be released in the next few weeks.
The Bloomberg Commodity Index is also being closely watched, with portfolio adjustments expected in mid-January.
